We all understand the importance of making our debt repayments on time.
Any missed debt repayments could show that your financial budget is out of control and the addition of extra interest and charges on your debt. But, according to poll research published by Fairinvestment.co.uk, nearly a third of us would consider cutting back on payments to essential monthly bills.
When asked what monthly payments they would cut back on first, 20% would pay less towards their credit card debt as our budgets become even more stretched.
Sharon Bratley, from the company, said: “There is help out there for people who have reached the point where they are having to cutback on essential monthly payments. If this is the case, then it is vital to seek debt advice from a qualified debt adviser who can talk to you about the whole range of options available, including budgeting, debt consolidation and IVAs.”
If you are struggling with your debt repayments and feel as though you are going to be missing payments going forward, then you may be best to consider a financial solution. We can offer a number of financial solutions in order to help make your debts more affordable. For example, a Debt Management Plan could reduce your payments to your monthly creditors where the payment will be based on what is affordable for you.